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"The winds of economic transformation shaping in the Gulf region and improving transparency and corporate governance are attracting the attention of key emerging market index makers and global investors to the regional equity markets. Recent developments such as the discussions around the potential inclusion of Saudi Arabia and Kuwait in FTSE Russell emerging market index and the possible inclusion of Saudi Arabia in the MSCI emerging market index next year could be triggers for global fund managers consider GCC stocks in their portfolios. FTSE annual country classification review results are expected to be released towards the end of September. “We continue to expect positive news from the FTSE country classification review. FTSE will announce its decision on whether to include KSA and Kuwait in its EM index at the end of September, and we remain cautiously optimistic following the recent market reforms that both countries have undergone,” Michael Malkoun, an analyst at Arqaam Capital said in recent note."